Presidency Rejects Petrol Subsidy Plan Amid Oil Constraints

The Nigerian Presidency dismissed former Vice President Atiku Abubakar’s proposed petrol production subsidy as a 'dangerous mathematical fantasy' due to insufficient crude oil volumes for funding. This claim was made without acknowledging the Federal Government’s partial ownership of oil assets.

The presidency emphasized that domestic refineries like Dangote Petroleum Refinery require additional crude feedstock beyond what the state can supply without violating international agreements, necessitating imports for operational continuity.

The administration countered Atiku’s assertion that NNPC Retail discounts represented subsidy returns by stating that temporary price stability during global crude price spikes prevents fuel price volatility, which typically leads to transport cost escalations.